With so many brands and competitors out there, customers have an extremely high expectation for your customer service and care. Having a great customer experience (CX) team helps with client satisfaction, retention, and referral.

All three of these are at the bottom of the marketing funnel and are key to growing your business. To truly understand your customers’ expectations, you must diligently study your CX and pain points. Achieving this knowledge requires you to look at impactful customer experience statistics to get a better understanding of the customers’ wants and needs, and therefore improving your customer success.

Operations and Revenue

When judging your CX, you want to look at changes in operations and how they affect revenue. For instance, the average $1B company will earn $775M over three years with modest CX improvements. See these statistics for further evidence on why improving your CX software matters.

• 63% of customers state that they would be willing to share more personal data with a company that offers a fabulous experience.
• 42% of organizations report that their CMO drives CX strategy.
• In 2020, 82% of organizations’ ROI on marketing technology improved.

Customer Satisfaction

To build organic media and retain customers, your company should have stellar customer satisfaction. Again, to make sure you have a really strong bottom-of-funnel marketing (BOFU) operation, make sure your customers are both satisfied and happy.

For instance, over half of American consumers reported that the customer experience at most companies can improve vastly. The reason why many clients will wait around to speak with a customer service representative on the phone is because hearing a human voice and interacting with someone else is the preferred customer service channel. In fact, 88% of consumers report that phone calls are their most frequent mode of obtaining customer service assistance. More relevant statistics:

• 78% of consumers say they are loyal to companies and brands that understand them and what they want to achieve.
• Since 2020, over 80% of companies have invested in an omnichannel experience.
• 90% of Millennials prefer smartphones for customer service interactions; so does 78% of the total population.

CX Key Point Indicators

Key performance indicators or KPIs help businesses measure the success of an organization or a particular campaign or project. As a business, you want to know if your efforts and money are being put in the right place and the right direction. KPIs help quantify and measure your return on investment (ROI). A CX department, team, and its leaders typically look at these customer KPIs:

• Net Promoter Score (NPS): NPS measures how likely a customer is to refer to promote your business to acquaintances, friends, or family members.
• Customer Satisfaction (CSAT): CSAT measures how satisfied a customer is with your product or service and often is measured on a Likert scale.
• Churn Rate: Churn rate is how often a customer “churns” or stops doing business with your brand.
• Customer Lifetime Value (CLTV): CLTV is more of a revenue metric as it measures how much money a customer either historically has brought it on is projected to bring in.

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To better understand how to use and how impactful these CX KPIs are and how your business can get ahead of the game, see these statistics below:

• Less than 1/5 companies measure the ROI of customer experience
• NPS is used by nearly 2/3 companies according to research among customer experience directors.
• 43.6% of companies use CSAT as a primary CX KPI, while 42.7% follow churn rate.
  

The Future of CX Statistics

In 2021 and beyond, CX does not look like it will slow down. Once customers are used to the high-end service they get from their favorite brands and businesses, there’s no going back. For businesses, the cat’s out of the bag there’s no going back. If anything, customers will expect more from their brands in the future, and you had better be prepared to deliver.

This need to deliver a high-end CX was only heightened by the COVID-19 pandemic people as brands took advantage of rebranding and acquiring new clients. In the past year, many consumers tried and will continue to look for new brands and stores. According to McKinsey, 75% of U.S. consumers tried a new store, brand, or shopping experience during the pandemic. See more key statistics on the future of CX:

• 44% of marketers are focused on AI and machine learning.
• 82% of U.S. consumers desire more human interaction when it comes to CX.
• 40% of consumers globally report buying more online than they used to.

These statistics should have inspired you to bolster your CX program and department, and hopefully, they guided you into looking and measuring specific data points to help your business grow. For more key statistics that will help influence changes in your CX department, read Chattermill’s article on CX statistics.

Customer experience is all about enhancing your current methods to stay ahead of the game. Are you ready to improve your customer experience through operational efficiency? Get in touch with StartingPoint today!